The owners received an interest rate of 7.7% over an 18-year term with 30-year amortizations. The transactions were managed by Mary Dee Clancy, investment director for Bethesda, MD-based AMI Capital, Inc.
The apartment complex had a 1.6% vacancy rate at the time of closing. Based on a loan-to-value of 90%, the two buildings, constructed in 1992, had a value of $3.25 million. The property includes a playground area with wooden swing set and a basketball court, as well as barbeque grills for each building.
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